Supreme Court · 2004 INSC 275 · Decided 16 April 2004
Indian Banks' Association, Bombay and ORS. v. M/S. Devkala Consultancy Service and ORS.
- Court
- Supreme Court of India
- Citation
- 2004 INSC 275 · [2004] SUPP. 1 S.C.R. 225
- Case number
- CIVIL APPEAL No. 4655/2000
- Decided
- 16 April 2004
- Bench
- V.N. KHARE, S.B. SINHA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 265, 366(28)
Headnote
ASSOCIATION, BOMBAY AND ORS. A v. MIS. DEVKALA CONSULTANCY SERVICE AND ORS. APRIL 16, 2004 [V.N. KHARE, CJ. AND S.B. SINHA, J.] B Interest Tax Act, 1974 : Sections 2(5), 2(7), 4, 5 and 26C-Imposition of tax on total amount of interest received by Scheduled Banks/Credit Institutions on loans and C nexus with the statutory impost which must be definite-Hence, the purported demand from the borrower for a higher amount of tax .and consequently a higher amount of interest by way of rounding up D was wholly illegal and without jurisdiction-Banking Regulation Act, 1949- Section 35-A~onstitution
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